Silver price is facing difficulties in justifying a positive bias in the options market at the $22.50 level.
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Silver Price (XAG/USD) licks its wounds around $22.60 amid Friday’s sluggish morning in Asia, after declining in the last two consecutive days, as traders struggle for clear directions amid upbeat options market signals and strong US Dollar ahead of the key data.
That said, a one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, prints the first daily loss in five while marking the -0.100 figure by the end of Thursday’s North American session.
It’s worth noting, however, that the weekly RR prints the strongest bullish options market bias in 1.5 months as it rises to +0.135.
While the XAG/USD lacks clear directions, China’s official Purchasing Managers’ Index (PMI) details for June and the Federal Reserve’s (Fed) favorite inflation gauge, namely the US Core Personal Consumption Expenditure (PCE) Price Index, for May, will be important to watch.
Also read: Silver Price Analysis: XAG/USD slides as US economic optimism hurts precious metals
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